The UK’s Financial Conduct Authority said Wednesday that it conducted its first coordinated raids targeting illegal peer-to-peer crypto trading, hitting eight London premises alongside tax authorities and organized crime units.

The Tuesday morning operation saw FCA officers issue cease-and-desist letters at each location, ordering traders to immediately halt unauthorized activities. The raids were conducted under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

Evidence obtained during the on-site inspections is now supporting criminal investigations, the regulator said. The coordinated action involved HM Revenue & Customs and the South West Regional Organized Crime Unit working alongside…